Breakfast brand Soulfull says will use Tata’s distribution chain for reach


Soulfull, a millet-based cereal and snacking brand acquired by Tata Consumer Products Ltd (TCPL) plans to expand its distribution network by more at least three times, said Prashant Parameswaran, Managing Director and Chief Executive Officer (CEO) of the company.


Tata Consumer Private Ltd has a reach in around 12,000-15,000 outlets spread across 12 cities in India, most of which is located in metro and urban areas.



“Post the acquisition by TCPL, we aim to tap into the parent company’s vast distribution network spread across India. From the TCPL side, fits into its existing portfolio of teas and salt as a healthy millet-based on-the-go ready snacking brand,” Parameswaran told Business Standard.


TCPL acquired Kottaram Agro Foods Ltd, the owner of brand, for an enterprise value of around Rs 155 crore a few weeks ago.


Soulfull, which was started in 2013 by US-returned Prashant Parameswaran, has placed itself as a niche brand with a strong focus on reinventing millets in a modern format.


Soulfull is looking to expand the current basket of ready on-to-go snacks and cereals all made from millets into other offerings in the health and wellness portfolio.


The health and wellness portfolio is estimated to be a Rs 20,000 crore market of which the various arms such as cereals, snacking etc is growing at around 15 per cent per annum. Millet-based products are part of this health and wellness portfolio.


“We have a product called ‘Smoothix’ which is a millet-based health drink, presently sold only through the online medium. But, we are soon looking to sell this through the offline format as well,” Parameswaran said.


He said TCPL, saw in Soulfull, a brand which has a good product, good innovation, big in technology, ability to get into a scalable business and traction of a brand.


Soulfull did a turnover of around Rs 30 crore in Fy-20, which is expected to grow manifold post the acquisition by Tata Consumer Products Ltd.


Parameswaram, says that in the last few years more than 50 per cent of the millet consumption has been moving into alternative space and not just staples such breads (rotis) or mix.


“All major FMCG firms already have a presence in the FMCG format but very few can claim to have standalone products,” Parmeswaran said.


He said procurement and production of millers such as ragi, jowar and bajra isn’t a problem as data shows that production has risen sharply in the last 17 years or so.


Parmeswaran, who says he was heavily inspired by the growth and popularity of Peruvian ‘Quinoa’ during his stint in Safeway Supermarket in the US, feels that the Indian government’s push to declare 2023 as the ‘International Year of Millets’ will do the same for Indian millets and it will lead to a quantum jump.


“I got curious about ‘Quinoa’, when I was on the other side and when I started researching and studying about the same, found it to be very similar to Indian millets and then when I left my job and came to India I started this venture initially with some seed capital from friends and then a series ‘A’ funding came later,” Parmeswaran said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



Source link

Latest

Har Ghar Tiranga: Anurag Thakur urges youth to take part in campaign

THE CENTRE will organise as many as 750 events...

2nd edition of KPL to begin in Muzaffarabad, Azad Kashmir on Saturday

The second edition of the Kashmir Premier League will...

Commonwealth homecoming: Cardiff crowds greet squad

Cardiff Bay hosts the celebration of Team Wales' success...

Har Ghar Tiranga: Anurag Thakur urges youth to take part in campaign

THE CENTRE will organise as many as 750 events in the coming days to establish dialogue with the youth to provide them a platform...

Ranveer Singh summoned for questioning on August 22 for nude photoshoot : Bollywood News – Bollywood Hungama

Ranveer Singh is known for his bold and unconventional choices when it comes to fashion. While his recent attempt of...